Uniswap ‘on steroids’ could propel rally to $45: analyst

Uniswap continued its strong rise, rising for three weeks and reaching a three-year high.

Uniswap (UNI), the largest player in the decentralized exchange industry, is up over 400% from its 2023 low to $18.38.

Crypto analysts are optimistic that the cryptocurrency will continue to rise and even reach its all-time high of $45. Such a move would mean a 135% increase from the current level.

In his X post, crypto analyst Sus Ape identified several catalysts that could help the cryptocurrency rise to a record high.

First, he sees Unichain as a game changer in the evolution of the network. Unichain, which is scheduled to launch soon, will be its layer 2 network and will have features such as multi-chain token spending, instant transactions, and significantly lower fees. Cryptocurrencies often rally before a major event or launch.

Ape also sees the launch of Uniswap Router V4 happening before the end of the year. The fourth version hooks will enable dynamic fees and have a singular design.

Uniswap price will also benefit from the recent election of Donald Trump and his decision to appoint Paul Atkins as the next chairman of the Securities and Exchange Commission. Atkins said the agency may decide to drop charges against Gary Gensler, accusing him of selling unregistered securities.

UNISWAP- $UNI @Uniswap

Here are a few reasons why I believe $UNI He could be one of the next great runners to reach new all-time records (ATH): 🧵

1. Single Chain @unichain
Unichain is launching soon. This is no ordinary chain; Uniswap on steroids. With cross chain… pic.twitter.com/i6AVcnsqXV

— Hush Monkey | (@Sus_Ape) December 6, 2024

Meanwhile, third-party data shows that Uniswap’s trading volume has increased over the past few weeks.

Its weekly transactions rose 27% to more than $31 billion; This is more than double what Raydium (RAY) achieved. It managed a cumulative volume of $1.56 trillion.

Uniswap price analysis Uniswap price chart | Source: crypto.news

The daily chart shows that the UNI price has made a strong rise in the last few weeks. It broke through the important resistance level at $17.05, which is the top of the cup and handle formation. C&H is characterized by a rounded base and is usually a continuation sign.

Uniswap also formed a golden cross pattern with the 200-day and 50-day moving averages reversing each other. Additionally, the Percentage Price Oscillator and relative strength index pointed up; This is a sign that there is momentum.

Therefore, the next potential Uniswap price target is $30. This target is determined by measuring the depth of the container and then estimating the same distance from the top of the container.

If it breaks above this level and the ongoing crypto bull run continues, a move towards a new all-time high will be confirmed.